BY PIUS AKPAN

The Central Bank of Nigeria (CBN) has supplied the sum of $218.41 million to the retail Secondary Market Intervention Sales (SMIS). The Bank’s Director, Corporate Communications Department, Mr Isaac Okorafor made this known in a statement in Abuja last week Friday.

Okorafor said 18 million Yuan was also injected in the spot and short-tenored forward segment of the interbank foreign exchange market. He said the development was in continuation of the CBN intervention in the interbank foreign exchange market.

He disclosed that the intervention, like in previous exercises, was for requests in the agricultural and raw materials sectors, adding that the Chinese Yuan on the other hand, was for Renminbidenominated Letters of Credit. Okorafor further expressed satisfaction over the stability of the foreign exchange market which, according to him, was largely due to sustained intervention by the apex bank.

He assured that the CBN management would remain committed to ensuring that all the sectors of the forex market continued to enjoy access to the needed foreign exchange.

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